India’s Pharma Exports
Context:
- Indian pharma exports witnessed a growth of 103% since 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22.
- The exports achieved in 2021-22 is the Pharma Sector’ best export performance ever.
Background:
- In the worldwide pharmaceuticals sector, the Indian pharmaceuticals industry is a major player.
- India is the world’s third-largest producer by volume and the fourteenth-largest producer by value.
- The country is the world’s largest provider of generic medications, accounting for 20% of worldwide supply by volume, and the world’s leading vaccine manufacturer.
- Outside of the United States, India boasts the biggest number of US-FDA approved pharma plants, with over 3,000 pharma businesses and a robust network of over 10,500 manufacturing facilities, as well as a highly skilled workforce.
About India’s exports and market share:
- Pharmaceuticals and pharmaceuticals account for 5.92 percent of our global exports.
- Formulations and biologicals continue to contribute for the majority of our overall exports, accounting for 73.31 percent, followed by bulk medicines and drug intermediates, which accounted for USD 4437.64 million in exports.
- The United States, the United Kingdom, South Africa, Russia, and Nigeria are India’s top five pharmaceutical export destinations.
- It’s also worth noting that about 55% of our pharmaceutical exports go to highly regulated markets. The prescription market in the United States and Europe is dominated by Indian pharmaceutical companies.
- India has the most FDA-approved plants outside of the United States.
- Even in the year 2020-21, despite the COVID crisis, Indian medications and pharmaceuticals had a significant increase in exports, reaching USD 24.4 billion.
Source: THE HINDU.
For more update, click here to join our telegram channel
